BURLINGAME, Calif., July 4, 2024
/PRNewswire/ -- The global Digital Healthcare Market, valued
at $220.10 billion in 2024, is on a
trajectory of rapid expansion, with projections indicating it will
soar to $836.10 billion by 2031,
growing at a compound annual growth rate (CAGR) of 21% from 2024 to
2031, as per a recent report by Coherent Market Insights. Various
healthcare organizations have started implementing telehealth
solutions to provide care to patients from remote locations and
reduce disease exposure in clinical settings. Telehealth is
enabling virtual doctor consultations, remote monitoring of chronic
conditions, and digital communication between healthcare providers
and patients. The convenience of accessing healthcare services
digitally without visiting clinics physically is driving more
patients and providers to adopt telehealth. This increased adoption
of telehealth is expected to propel the growth of the overall
digital healthcare market in the coming years.
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Market Dynamics:
The growth of digital healthcare market is driven by increasing
adoption of telehealth and telemedicine. Telehealth allows remote
consultation for the healthcare providers and patients which
increases the convenience of treatment. During COVID-19 pandemic,
telehealth witnessed exponential growth as it addressed the
challenge of physical distancing. Moreover, growing usage of
smartphones and tablets has fueled the demand for various
healthcare apps for self-diagnosis and monitoring of chronic
conditions. These apps provide healthcare services at affordable
costs compared to regular hospital visits.
Digital Healthcare Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$220.10 billion
|
Estimated Value by
2031
|
$836.10 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 21%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Technology, By
Component, By End User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
- Aging Population
and Need for Remote Patient Monitoring
- Launch of new
products
|
Restraints &
Challenges
|
- Data security and
privacy concern
- Lack of digital
infrastructure in developing regions
|
Market Trends:
Growing Trend of Remote Patient Monitoring: Remote patient
monitoring allows continuous tracking of vital signs outside of
conventional clinical settings which improves patient engagement.
It ensures safety of high risk patients such as ones with chronic
illnesses by alerting healthcare providers in case of any
emergencies.
Growing Trend of Digital Therapeutics: Digital therapeutics
deliver evidence-based therapeutic interventions to patients that
are driven by high quality software programs to prevent, manage, or
treat a medical disorder or disease. They are used to effectively
treat various medical conditions such as diabetes, insomnia,
chronic pain etc. with minimal physical interaction.
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Market Opportunities:
Healthcare analytics segment accounts for more than 30% share of
the overall digital healthcare market. Healthcare analytics
solutions help in population health management, clinical
variability reduction, financial performance and many other
applications. It provides actionable insights from large amounts of
medical data for better clinical and financial outcomes.
mHealth segment is growing rapidly, driven by increasing
penetration of smartphones and tablets. mHealth apps and solutions
enable remote monitoring of patients, medical personnel
connectivity, delivery of healthcare services and information. They
improve access and convenience of care while reducing costs.
Key Market Takeaways:
The global digital healthcare market is anticipated to witness a
CAGR of 21% during the forecast period 2024-2031, owing to growing
investments and initiatives in digital transformation of healthcare
systems.
On the basis of technology, healthcare analytics segment is
expected to hold a dominant position, accounting for over 30%
market share due to improved quality of care and medical outcomes
with data-driven insights.
By component, software segment dominates with around 60% share
owing to various healthcare IT solutions for electronic health
records, revenue cycle management, practice management and
others.
Regionally, North America is
expected to hold a dominant position over the forecast period, with
over 35% share of the global market due to advanced digital
healthcare infrastructure and favorable government policies in the
region.
Key players operating in the digital healthcare market include
Telefonica S.S., Epic Systems Corporation, AT&T, AirStrip
Technologies, Google, Inc., Hims & Hers Health Inc., Orange,
Softserve, Computer Programs and Systems, Inc., Vocera
Communication, IBM Corporation, CISCO System, Inc. Apple Inc.,
Oracle Cerner Veradigm, and Mckesson Corporation among others.
Strategic partnerships for product development and geographical
expansion are leveraged by these players.
Recent Developments:
In January 2024, Eli Lilly and
Company, introduced LillyDirect, a novel digital healthcare
solution for patients in the U.S. dealing with obesity, migraine,
and diabetes.
In March 2023, BlueRock
Therapeutics LP, announced a partnership with Emerald innovations
and Rune Labs, health analytics
company focusing on leveraging contract less and invisible wearable
digital health technology, to enhance monitoring for Parkinson;s
disease.
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Detailed Segmentation-
By Technology:
- Healthcare Analytics
- mHealth
- Tele-health
- Others
By Component:
- Software
- Hardware
- Services
By End User:
- Hospital & Clinics
- Patients
- Providers
- Payers
- Others
By Region:
North America:
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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SOURCE Coherent Market Insights